ZF Raises Bid for Swedish Brake Systems Supplier Haldex

ZF Friedrichshafen AG has raised its bid to buy Haldex AB, the Swedish commercial vehicle brake systems supplier, to 4.9 billion kronor ($573 million).

The new offer matches last week’s increased all-cash offer of 110 kronor ($12.97 per share) from German rival Knorr-Bremse AG. ZF made an initial bid for Haldex in mid-July at 100 kronor per share.

ZF also reduce the minimum proportion of shares to be tendered to 50% of Haldex’s capital from 90% in its previous bid. Reuters reports the company currently owns 4.2% of Haldex and has secured commitments for 17% more.

Haldex’s board has unanimously backed the ZF bid, largely because the offer is seen as more likely to clear antitrust hurdles. ZF tells reporters the company already has obtained clearances from all relevant agencies except Russia, where approval is expected later this week.